Up to 10 M tourists this year?

The Bureau of Immigration (BI) said that from January up to the first week of December this year, more than 6 million returning Filipinos abroad (“balikbayan”), overseas Filipino workers (OFWs) and foreigners have landed in the country. Thus, BI projects that about 8 to 10 million returning Filipinos and foreigners will arrive in the country this year. See the news report today here.

One implication of this huge inflow of foreign visitors and returning Filipinos, is also the huge inflow of foreign currencies, especially US dollars, into the country. But this will not necessarily result in further peso appreciation as those dollar inflows will also be used for importation of various goods and services. Besides, there are also many Filipinos and expats here who will need foreign currencies as they are also travelling abroad.

Nonetheless, these developments would add to more economic opportunities in the country.